But you can’t get in on a rights issue unless you already own the shares - and Pravda, being Pravda, doesn’t say how much Temasek made or lost on the original shares.

So let’s see if we can figure that out for ourselves.

Chartered Semi (273% return on the rights investment!) floated in November ‘99 at $33/share split adjusted. Temasek was, and still is a 60% owner via its Singapore Technologies subsidiary. It’s now trading at $2.25 per share, and there’s 940 million shares out… so… carry the one… gee that’s a big number, that can’t be right… carry the one… wow, maybe it is right… Temasek has lost $17.3 billion on Chartered Semi since it floated.

But they’ve made nearly $350 million on their rights issue investment! And the Straits Times has dutifully reported it. Bravo, bravo to everyone concerned.